Pensioners’ costs on the rise
Pensioners’ costs have risen by a third (34 per cent) in the last ten years, new research from Clerical Medical has found.
The Clerical Medical Pensions Report measured pensioner inflation including housing costs, which account for 25 per cent of the average pensioner’s expenditure and found that pensioner inflation was 3.9 per cent, the highest it has been in a decade.
Housing costs have increased by 73 per cent in the last decade, and were the main driver behind pensioner inflation. The causes of the rises in housing costs were increases in council tax (up by 94 per cent) and in the cost of repairs and maintenance (up by 93 per cent).
Tim Crawford, group economist at Clerical Medical, said: “Pensioners have faced a one-third rise in the average cost of living over the past decade. Higher housing costs have been the key factor driving up living expenses for pensioners with these costs accounting for almost a quarter of the average pensioner’s total spending.”